“Now that interest rate rises are firmly on the horizon, households urgently need to conduct a financial healthcheck. With wages finally outstripping inflation after a prolonged squeeze on household incomes, we now have a very short window to prepare households for this next financial challenge.

“We should be particularly concerned about younger homeowners, many of whom have never experienced a rate rise, as well as mortgage payers who are currently out of work or on income-related benefits.

“In particular, 183,000 households currently receive payments under the Support for Mortgage Interest scheme. With the amount payable having just been reduced and the announcement in the Budget that these payments could be converted from a benefit into a loan, many of these households face an uncertain future.”